Cash Declaration Limit Changed

The Maldives Monetary Authority, on 17 January 2019, published the first amendment to the Regulation on Cross Border Currency Declaration Amount. The changes introduced now require passengers travelling with USD 20,000 or more, and are travelling…

Tax Alert, 15 October 2019

This issue covers the major changes that came into force with the ratification of the Second Amendment to the Tax Administration Act1 on 12 September 2019. Some of the key changes brought by the Amendment include: Imposition of a statutory limitation…

Tax Alert, 27 January 2019

This issue covers the most recent developments brought to the rules on Thin Capitalisation. Thin Capitalisation rules were initially introduced by the Maldives Inland Revenue Authority (MIRA) on 26 April 2018, via Tax Ruling TR-2018/B64. The new rules,…

Tax Alert, 20 June 2018

This issue covers the following: 1. Thin capitalisation rules introduced through Tax Ruling B64. 2. Attributes of employment under a contract of service explained in Tax Ruling B65 3. Fifteenth amendment to the BPT Regulation: repealing of rules…

Tax Alert, 18 February 2018

This issue covers the following: 1. Changes brought to the imposition of WHT on commission paid to Online Travel Agencies. These changes are introduced via the First Amendment to the Tax Ruling TR-2013/B25. 2. New rules introduced by the Twenty-third…

Tax Alert, 17 SEPTEMBER 2017

This issue covers the following: 1.Tax Ruling G42, which amends the GST registration requirements for taxable activities in the general sector, which are run by a person having taxable activities also in the tourism sector. 2. Limitations on claiming…

Tax Alert, 25 MAY 2017

This issue covers the following: 1.Tax Ruling B60, which explains the dates on which an amount subject to WHT becomes payable under Section 6 of the BPT Act to the non-resident. 2. Tax Ruling G41, introducing a new criterion for zero-rating the…

Tax Alert, 20 APRIL 2017

This issue covers the following: 1. Tax Ruling B59, which explains that some amendments to the BPT Regulation brought via Tax Ruling B56 on 17 January 2017 apply to tax year 2016 as well, but only if a return is not filed by 17 April 2017. 2. Tax…

Tax Alert, 15 FEBRUARY 2017

This issue covers the following developments: 1. Eleventh amendment to the BPT Regulation which changes to several rules on the accounting basis, capital allowance and loss relief. 2. Changes to the submission of financial statements and appointment…

Tax Alert, 8 December 2016

This issue covers the following developments: 1. Publication of the Salary Enforcement Regulation, which prescribed crucial rules for the implementation of Remittance Tax 2. Nineteenth Amendment to the GST Regulation: New rules on time of supply 3.…

Tax Alert, 3 October 2016

This issue covers the following changes to tax laws: 1. Green Tax on guesthouses: Guesthouses to charge Green Tax from 1 October 2016. 2. Publication of Remittance Tax Regulation: Summary of the key aspects of the Remittance Tax Regulation.   Download…